Stellar (XLM) Price Analysis for February 1

The crypto market keeps reaching new local lows, according to CoinStats.

$XLM/USD

The rate of Stellar ($XLM) has declined by 2.11% since yesterday. Over the last week, the price has fallen by 16.6%.

On the hourly chart, the price of $XLM is about to break the local support at $0.1743. If bears’ pressure continues and the daily bar closes below that mark, one can expect a test of the $0.17 zone tomorrow.

On the bigger time frame, the rate of $XLM is on the way to the support at $0.16. The volume remains high, which means buyers are not ready yet to seize the initiative.

In this case, an ongoing decline to the aforementioned level is the more likely scenario for the next days.

From the midterm point of view, sellers are also more powerful than buyers. If a breakout of the $0.16 level happens, the accumulated energy can be enough for a more profound drop to the $0.14-$0.15 zone.

$XLM is trading at $0.1736 at press time.